Warren Buffett during an interview on the Fox Business Network. / Nati Harnik, AP

by The Associated Press, AP

by The Associated Press, AP

OMAHA, Nebraska (AP) - Warren Buffett's company has agreed to trade roughly $1.4 billion of its stock in Phillips 66 for one of the refiner's chemical businesses.

Houston-based Phillips 66 said Monday that Berkshire Hathaway will give up about 19 million of its 27.2 million Phillips 66 shares to acquire a business that makes additives that help crude oil flow through pipelines.

The exact number of shares will be determined by the price of the Houston-based company's stock when the deal closes. That's expected to happen in the first half of 2014.